Many #cryptohierarchies are parading as #cryptonetworks, but the feel, intent, and distribution of such systems are far from that of a network.
#Cryptonetworks are run by crypto-natives, people committed to decentralization of data, wealth & power for the good of all.
#Cryptohierarchies are often run by Web 2.0 or TradFi transplants. While some can make a full transformation, many remain blind to their cultural habits.
"If they both achieve 'success,' why does it matter?"
It matters because 'success' is subjective.
For most of human history, we've been subjected to hierarchies for coordination.
In hierarchies, power concentrates & then corrupts, to the detriment of the majority. Always happens.
Blockchains allow us to coordinate without concentrated hierarchies, though the incentives and rules behind such coordination take time to get right.
*Time-consistency* is key: consistency of ethos, pathos, & logos allows a network to attract its tribe, and all work towards the most desired emergent outcomes.
Well designed governance, which doesn't have to be a hierarchy, puts structure around this *deliberate process*
Making space for emergent outcomes, as networks do, allows for more complex problems to be solved.
The world is facing a slew of complex problems, and our hierarchies are not cutting it.
Internally building concentrated hierarchies is tempting as a more paved path that has textbook models, and it's still possible to externally hoodwink the majority into thinking you're building a network (for a while).
But, a hierarchy drunk on wealth & power never lets go.
And so the truth comes out eventually -- the internet accelerates the revealing of truth, one reason why society is waking up to rampant BS in our institutions.
And so we'll learn... but it would be a shame to endorse the same social mistakes when we have an enabling new technology that can help protect us... from ourselves.
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It’s possible to reject the myopic view of BTC maxis, while supporting #Bitcoin.
While there are outliers, most of the people building out the #Bitcoin protocol or its applications are much more tolerant & reasonable than a garden variety maxi.
The loud minority of $BTC maxis are tiresome, but they’re just that, a minority.
Don’t let them turn you against what’s an important innovation.
Society is always adding more, whereas freedom for me comes from subtracting enough of the excess to see the beauty all around.
It’s as if in each individual’s pursuit for meaning it’s too hard to look at the arbitrariness, and so instead we pursue infinite things to fill a bottomless hole.
In this context, Capitalism is an enabler of distraction, rewarding us with “more” for going further from the core of life.
Continue to believe #crypto is going to finish with a strong 2H 2021.
Inflation fears are overblown.
The financial markets appear past peak inflation fear (many commodities off their highs), and while inflation is hitting the consumer it’s unlikely to be extreme, and the financial markets will shift back to risk-on.
Inflation fears being good for $BTC were a fakeout. The asset is still young enough such that it follows growth & risk.
We now run a combination of optimistic and pessimistic exercises from #crypto's current perch.
People naturally asking, when's the top?
The truth: no one knows, exactly.
While we're in one predicted range at $2.5T in total #crypto value, the vibe from 2021 is supply inflation, speculation, and innovation. People saying, Up Only.
1/ @placeholdervc has always encouraged networks allowing people to earn the majority of a native cryptoasset, but liquidity mining has become a wolf in sheep’s clothing.
2/ Speaking with a team recently that’s building on a newer layer-1, they asked us if we, as an institution, *wouldn’t* stake.
Stating that in their ecosystem investors are foaming at the mouth to liquidity mine, but it’s clear those investors are short-term oriented.
3/ As @jmonegro has analogized, you wouldn’t take dividends from a company at the Series B stage, so why are we encouraging institutional investors to sap early rewards from the broader community?